Google Town Homes

December 8, 2013
By
Deeter Does Wirless

‘It’s a natural real estate play for those with money’


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Got the funk: Grand Canal Dock

Property expert Karl Deeter of Irish Mortgage Brokers has been watching the market down in Google Town for several years and says the area has bucked capital-wide trends.

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“Rents and property prices in Google Town have gone a little stupid. And that is likely to continue for the foreseeable future,” says Karl.

“At the moment, it’s a natural real estate play for those with a bit of money to invest and a speculative instinct. With the number of major companies there and on the way, there should continue to be a very high demand for rentals.”

Karl says he sees the area as more akin to the type of financial or tech hubs that have grown up around major companies in parts of New York, London, or San Francisco, where entire city districts have been gentrified or become “funky” thanks to a sudden influx of young, extremely well-paid professionals working in a specific sector.

The property expert recently tracked one terraced cottage (a fixer-upper) in the area that was put on the market for €200,000 but was rapidly bid on at up to €275,000.

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“The banks are willing to lend to the people working for these companies for a number of reasons. They see them working in a strong-growth sector, as very well-paid and with lifestyle habits that are not based on cash spending. They are very easy to assess and underwrite. They are seen as a very good bet.”

“Plus, the area has a Dublin 4 post code, which comes with a certain weight. It’s close to the river and to the bay, there have been some very good developments there recently and the funky bars, restaurants and shops have followed the companies in there.”

Karl does not see Google Town as a classic “bubble” in terms of property. And says that with such a strong presence of major international companies and more on the way, Google Town looks set to stay.

Irish Independent

Article source: http://www.independent.ie/lifestyle/google-town-homes-29817313.html

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